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Bridge to Let
Semi-exclusive Bridge to Let scheme via TBMC for minor and major refurbishments
TBMC is delighted to announce the launch of a unique Bridge to Let scheme from Tiuta available through a limited number of distributors including TBMC.
For more information please contact our New Business team on 029 2069 5400 Option 2
- 6 month bridge converting to 2 year Buy to Let mortgage
- For private individuals or limited companies
- Available for properties requiring minor/major refurbishments
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Bridge element
- Up to 75% LTV (open market value) - maximum 100% of purchase price
- 6 month bridge
- Interest rate: From 1.25% to 1.65% per month
- Bridging Fee: 1% (deductable from the advance)
- Broker Fee: 1% (deductable from the advance and paid on in full to introducer)
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Buy to Let element
- 6.99% fixed for a 2 year term
- Refinance required at end of term
- Up to 75% LTV (cannot exceed bridge LTV)
- Rental calculation: 105% at 6.99%
- Buy to Let Fee: 2.5% (deductable from the advance)
- Early Repayment Charges: 6 months interest payable within 21 months
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Other fees
- Legal fee: £850 covers both elements
- Valuation Fee is payable - covers both elements
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Tiuta application form - click here to download a copy.
For full details of the Bridge to Let scheme - please click here.
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Example - Purchase Price: £130k, Open Market Value: £150k, Refurbishment Costs: £40k, Gross Development Value £250k
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- Bridging loan at 75% loan to open market value
- Initial capital injection (a)
- Fees and 6 months interest (b)
- Refurbishment costs (c)
- Total capital injection for 6 months (a + b + c)
Revaluation at £250k
- Buy to Let loan at 75% loan to value
- Less bridge and Buy to Let fees
- Capital tied up after 6 months
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- £112,500
- £17,500
- £14,237
- £40,000
- £71,737
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